World Economy

Sony Cuts Net Loss

Sony Cuts Net LossSony Cuts Net Loss

Sony on Wednesday cut its full-year loss forecast by more than a quarter to $1.4b, pointing to its latest three-month results that benefited from a weak yen and improving smartphone sales, AFP reported. The struggling consumer electronics firm said it now expected to lose 170b yen ($1.44b) in the fiscal year to March, down from an earlier loss forecast of 230 billion yen, as it also cited lower restructuring costs. Sony’s projected earnings improved as its October-December net profit more than tripled from a year earlier to an estimated 89 billion yen. Operating profit doubled to 178.3 billion yen as sales grew 6.1% to 2.55 trillion yen, Sony estimated.